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Author Topic: 80/20 loan  (Read 23413 times)

Offline Investment Loans

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Re:80/20 loan
« Reply #30 on: April 20, 2006, 12:35:34 pm »
Lscalder,

Time blocking is a very important part of any professional's business.

Not only blocking appointments, but also setting time aside to learn, prepare, and network can help you grow tremendously.

So yes, I do have time because I choose to.  My business year is planned out in November and December of the previous year.  These occassions are already factored into monthly and daily activities.  

Thank Jesus that I have a terrific processing staff that takes wonderful care of my files.  There's no need to micromanage them and usually no need to switch lenders because something didn't fit.  In my opinion that's what most brokers miss.  Not saying that I've never missed something, but my time is not spent running around trying to save loans.  

I rather spend it ocassionaly researching things upfront, doing consultations, and marketing.
To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline Investment Loans

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Re:80/20 loan
« Reply #31 on: April 20, 2006, 12:41:13 pm »
i know i have mispelled words but when ever i am typing i am also holding my 1 month old in my hand so i am typing with my left hand he is in my hand right now. so for those of you who are making fun i want to see you holding a one month old while typing and feeding. I work from home so i originate loan from my home office. i am a new mom 24/7 no breaks and a loan officer at the same time with no rest

I commend you for your efforts and do wish you success and prosperity.
To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline Lscalder

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Re:80/20 loan
« Reply #32 on: April 20, 2006, 12:45:24 pm »
first of all before i had my son I was marketing as well ihad everything planned out I also have a good loan processor who do a good job you have to remember that i am a new mom witha 1month old who takes up most of my time but i stll close loans i also help with the home inspection business i schedule appointments you only do one thing so you have a lot of time to do other things. I would love to see you taking care of a one month old while running two business plus on top of that i have other properties in other states but i have good tenants so i donot do much with the properties. So you can say what ever you want to about me I work 3 times harder than you do per day so you can take your little comment and shove it. I have loans to close

Offline Investment Loans

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Re:80/20 loan
« Reply #33 on: April 20, 2006, 12:57:38 pm »
Lsadler,

Maybe you interpreted by comment as a shot at you.  So you know, it was not.   I took your remark as "having a lot of time on my hands" as condesceding.  The comment was intended for you to understand how one could manage to do these things.

Everyone has responsibilities and events outside of their business life.  

I think if you read it again you'll see that it was not about you at all.

Again, Best of Luck to ya.
To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline Lendinghand

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Re:80/20 loan
« Reply #34 on: April 20, 2006, 01:10:57 pm »
Ben,

you seem clouded.

you found the answer in your own quote:

Quote
If a seller takes back a second and intends at that time that the borrower pays him but later decides that to forgive it, there is nothing wrong

by the way,

didn't you get a kickback when you bought that house from J.P.?

« Last Edit: April 20, 2006, 01:11:48 pm by Lendinghand »
Jason Vogler
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314-566-0919 direct

Offline Investment Loans

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Re:80/20 loan
« Reply #35 on: April 20, 2006, 01:30:21 pm »
Jason,

That was my whole point.  Intent.

If there's no intent to throw away or discount the note then I see nothing wrong.

It's when the seller, buyer, and/or broker start getting together to discuss how the deal can get done.  If the seller and buyer come up with the idea an never tell the broker, then there's nothing the broker can disclose or be held accountable for.  Not that it makes it ok though.

But if the broker has knowledge of it, there's intent.



To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline Lendinghand

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Re:80/20 loan
« Reply #36 on: April 20, 2006, 01:38:16 pm »
Let me know when you find a lender that demands to see the seller second contract....

and

Let me know when you find a lender that places a pre-pay penalty on the seller second...

....your "whole point" seemed to have changed throughout this thread...

you should be closing loans, not investigating an agreement between a seller and a buyer...  

if the lenders you are using are turning you into an FBI detective, then maybe you should switch careers....  

we are in the business of closing loans, not questioning the buyer to death...

your idea of fraud being one of intent seems to me that you never closed a loan that was structured this way, and therefore you jump on this wagon of fraud...

the fact is, you don't really know where the fine line of fraud is...

« Last Edit: April 20, 2006, 03:06:04 pm by Lendinghand »
Jason Vogler
Realtor - Ex Loan Guru
314-566-0919 direct

Offline Investment Loans

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Re:80/20 loan
« Reply #37 on: April 20, 2006, 05:11:47 pm »
The point never changed Jason.

Initially, since a few seemed to think "forgivable 2nds" are ok, my reply was to the fact that the broker was made award of it.  It should be their professional responsibility to make the lender aware.  Obviously there is intent there as outline in your response back at that time.  

Never did I say that a broker had to ask specifically if this was going on or ask 1,000 questions.  Although it may not be a bad idea if you suspected it was happening.

Do you not think looking out for the best interest of your clients and lenders is a wise way to do business?

You're right, I don't do a lot of loans with seller 2nds because the conforming market does not really fit with that niche.  However, I do have enough common sense to make comments intended for investors who have been coached into believing this is ok.  

I'm not going to lead my clients down that path. You can be the go to guy for forgivable seller 2nds and probably won't have much competion from loan officers trying to work those loans.

PS...  I find it funny that you can't express your opions all in one reply.  Most every post or comment you make gets edited later so you can reword or reexpress your thoughts.  That must mean you dwell on what you've already stated.   Actually, you were a pretty quiet and shy indiviual before.  What is it here on the internet that changes you into somebody who would prefer to hurt others on this board?  Many of your comments to myself and others on this board are pretty malicous.  Would your tone and comments change if we were face to face?  Simply put, when you left this town, you were a completely different person.  

I thank the Lord everyday that my walk with Jesus has changed the person I once was.  I'm able to forgive becuase I am forgived.  Several years ago this conversation wouldn't have even been an option for you.   I appologize here and now if I did do something to offend you.
To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline Lendinghand

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Re:80/20 loan
« Reply #38 on: April 20, 2006, 05:55:50 pm »
Ben,

Don't patronize me.  You don't know me and you never did.

You paint yourself to be a Saint here... but you never answered my question about the kickback you received from J.P. when you bought your house...  Did you forget to address this question?  or did you choose to skip over it?

Don't paint yourself a new picture of me in your efforts to clarify your cookie cutter box of fraud...

The fact stands, that your world is flat.  You're completely missing the point of the original question.  You are a loan officer acting as a broker, but you're comments lead to believe that your some type of investigative bank police with a clean record...  Do you have a clean record?

Do not mud sling with me, as you are not the authority on fraud... by far... and clearly you have no position of understanding when it comes to making a purchase transaction work...

The fact herein, proves that some loans are structured beyond your comprehension...  
 
Just because you don't understand how these loans are structured, doesn't make it fraud, and doesn't give you the right to generalize with no real underlining research...

Quote
You're right, I don't do a lot of loans with seller 2nds because the conforming market does not really fit with that niche.
 what? Now you are saying you do most of your loans in the conforming market?  Then why are you advertising in so many threads Hard Money?  Last time I checked, Hard Money is not conforming...  

My apologies if you feel I'm too hard on you...  Saint Ben..

Simply put, I'm entertained in the fact that you don't have any idea of what you are talking about... but a vague clue about what may or may not be fraud...

Quote
I thank the Lord everyday that my walk with Jesus has changed the person I once was.

Is this really the place for this?  Do you really think, that people on this forum are going to buy this?  does this show me that you're a man from the christian banks?  Please...  

Nothing here is intended to be personal...  Why are you taking it so?

I'll reiterate a couple of the other points that you refuse to address:  I'll put it in bold this time.

Let me know when you find a lender that demands to see the seller second contract....

and

Let me know when you find a lender that places a pre-pay penalty on the seller second...

This should be a clue to you on why it isn't fraud...

My aggressiveness comes out of these posts, when I see a vagueness become law such as yours...

Close some loans, then argue your points.

Jason Vogler
Realtor - Ex Loan Guru
314-566-0919 direct

Offline Investment Loans

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Re:80/20 loan
« Reply #39 on: April 20, 2006, 08:13:49 pm »
Jason,

This will be my last comment to you on this board so again I applogize if there was something in our past in which I hurt you.

I chose not answer your past question because it's libel.  But at the same time I don't think your trying to compromise my integrity to hurt my business should be dismissed.  A family decided to live with me until their new home was completed.  There's nothing wrong with charging them.
 
Maybe you're right yet again in the fact that I didn't really know you.  And that was probaly a character flaw of mine at that point in my life.  But you sure seem to be different.  

Yes, I do think this is the place to bring up our Saviour.  As my faith grows so does my boldness in expressing His will.  I wish I  could put into words what a different reality I've come to.   Yes, I do believe there are past records in which He died for me.   Everyone falls short but all that except Him have been forgiven.   Does this mean I'm a saint?  No, but the person I once was is gone.  I know actions speak louder than words, so it would be hard for you to see being in CA.

As far as what the readers should know about the lenders you asked about.  I agree with you again on your questions.  Not likely the lender is going to make requirements for those.

As far as the hard money loans, yeah, I do help a lot of clients find the right lender for their rehabs.  Equally so, conforming loans are needed for their buyers or cashing out based upon the new value immediately after finishing it.

So again, just so everyone is clear.  I do not have experience with forgivable seller 2nds and do not claim to.  I can only pass along to you what I've read and discussed with other professionals as you should.
 
To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline Thoward

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Re:80/20 loan
« Reply #40 on: April 24, 2006, 02:52:17 pm »
WOW.... :eek:

Offline Lind

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Re:80/20 loan
« Reply #41 on: May 01, 2006, 08:35:25 pm »
Hello Everyone,
I began reading this thread because it seemed like a good subject. WoW! It seems like a real Hornet's nest here! Where did all this anger come from?
I, too, am a Loan Officer, and I must agree with Ben. I have always been told that the intent to "forgive" the 2nd at closing is fraud! Pure and simple.
This was discussed many times with many lenders, as creative financing was making  a big hit with the 80/20 contract a few years ago. The purpose of this seller carry back was because the buyer could not get 100% financing, and the 20% carry back, was the answer. Then good-by 2nd mortgage after closing. The Lender's were wise to this and check everything. As a loan officer, if I know about this arrangement, I, too, am committing fraud!
Sorry if I stepped on anyone's toes here.
Linda
Linda Dattilo
Loan Consultant
Real Estate Investor

 




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